Summer Closes Out Strong for Used Trucks, J.D. Power Finds
MCLEAN, Va.–(BUSINESS WIRE)–August’s Class 8 auction pricing was stable at a high level and retail pricing set records once again, according to analysts from J.D. Power Valuation Services, as reported in the September 2021 Commercial Truck Guidelines Industry Update. The medium duty market was generally strong, particularly for conventionals.
“The new truck shortage is all but guaranteed to continue into 2022, assuming economic conditions stay on track,” said Chris Visser, commercial truck senior analyst at J.D. Power Valuation Services. “Freight rates could peak early in the year, but should not pull back significantly for some time. As of mid-September, these are the two main factors supporting used truck pricing and governing our forecasts.”
Major findings in the free monthly report note:
Low-volume month at auctions left pricing stable at a high level
- Late-model auction pricing was 84.7% higher than 2020, 53.1% higher than 2019
Retail pricing set a new record for the third month in a row
- Late-model retail pricing was 27.2% ahead of 2020, 7.3% ahead of 2019
Medium duty market generally strong
- Conventionals had a very strong month, cabovers pulled back slightly
J.D. Power Valuation Services (formerly NADA Used Car Guide) is a leading provider of vehicle valuation products and services to businesses. The team collects and analyzes more than 1 million automotive and truck wholesale and retail transactions per month, and delivers a range of guidebooks, auction data, analysis and data solutions.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific.
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